Philippines: IFC Approves $30-M Loan to RCBC for SME Financing

Print
 
Nov 2014
Philippines, November, 07 2014 - The International Finance Corp. (IFC) has approved a medium-term loan of up to $30 million to Rizal Commercial Banking Corp. (RCBC) for the financing of small and medium-sized enterprises (SMEs), including women-led businesses, spur job creation, as well as help support Super Typhoon Yolanda-affected SMEs.

The IFC is the private investment arm of the World Bank.

As the country’s sixth-largest private domestic bank, RCBC has a large pool of SMEs that need trade and working capital financing, IFC noted.

These enterprises, which comprise nearly 10 percent of all registered businesses in the country, account for 30 percent of total employment and about 30 percent of gross domestic product (GDP).

IFC resident representative Jesse Ang said the loan is designed to help provide financing to the bank’s SME market, promote job creation, and diversify the country’s economic base.

Approximately 80 percent of micro, small and medium-size enterprises (MSME) in the Philippines do not have access to credit or have the collateral to borrow from a bank.

IFC and the IFC Capitalization Fund have a total ownership stake of 11.34 percent in RCBC.

This year, the investment group provided P19 billion in financing for sustainable-energy projects through other banks, including the Bank of the Philippine Islands (BPI) and BDO Unibank Inc.



Source : Philstar
 

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More